Informist, Wednesday, Jun 1, 2022
By Sayantan Sarkar
MUMBAI – Oil prices fell in India as the rupee rose against the dollar, making imports of oil cheaper for domestic investors.
* Crude oil prices rose in international markets due to easing of COVID-related lockdowns in China and the European Union’s decision to phase out oil imports from Russia by the end of the year.
* At 1631 IST:
–June contract on the Multi Commodity Exchange of India was down 0.4% at 8,996 rupees per barrel.
–July contract on the New York Mercantile Exchange was up 1.2% at $115.95 per bbl.
* Oil prices fell in international markets on late Tuesday after a report in the Wall Street Journal claimed that the Organization of Petroleum Exporting Countries and allies was mulling to leave out Russia from its output targets as Moscow’s production levels have dropped significantly due to sanctions.
* Russia’s production declined 1.3 mln bbl per day in April.
* “Exempting Russia would give Saudi Arabia and other countries with spare capacities the opportunity to step up their production to a greater extent,” Commerzbank AG said in a report.
* OPEC and its allies are scheduled to hold a ministerial meeting on Thursday to decide next month’s production levels.
* Outlook for the evening session by HDFC Securities:
–MCX contract is seen at 8,890-9,170 rupees per bbl
–NYMEX contract is seen at $114-$120 per bbl
US$1 = 77.52 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Vidhi Verma
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